Knickerbox up for sale

Ann Summers has reportedly hired accountants KPMG to sell its underwear brand Knickerbox.

According to the Telegraph, the retailer is understood to be looking to part with the loss-making underwear brand that it purchased in 2000 in order to “recapture” the success story of the lingerie and adult toys that Ann Summers is known for.

Front runners looking to snap up the underwear label, which has 33 UK stores and is sold online, includes supermarket giant Tesco and department store Debenhams, who are both looking to bolster their underwear offering.

“The Knickerbox brand has a strong identity and a respected market position,” David McCorquodale, head of retail at KPMG, told the Telegraph. “We can envisage the brand sitting with a retailer, pure player or brand owner who can reach a broader sector of its customer base than its current positioning.”